Stocks moved into positive territory on Thursday, even as oil prices gained, amid continued optimism among traders that the fragile two-week ceasefire agreement between the U.S. and Iran could be sustained.
The Dow Jones Industrials popped 269.03 points to 48,178.95.
The broader index recovered 40.63 points to 6,823.44.
The NASDAQ hiked 171.64 points to 22,796.63.
The broader index traded into the green and oil prices came off their highs of the day after Israeli Prime Minister Benjamin Netanyahu said that the country has agreed to open direct negotiations with Lebanon.
The S&P was supported by a more than 3% move higher in shares of Meta Platforms on the heels of the company debuting its new artificial intelligence model. Defensive areas of the market rose as well, as shares of Walmart increased along with utilities names such as Constellation Energy
U.S. military forces will remain deployed in and around Iran until Tehran fully complies with the “real agreement,” Trump said Wednesday, warning that any breach would trigger a military response larger than anything seen before.
Meanwhile, overall traffic through the strait has still not improved since the ceasefire deal was announced, as only some bulk carriers — which carry dry cargo rather than oil — have traversed the key waterway.
Prices for the 10-year Treasury hiked, weighing yields to 4.27% from Wednesday’s 4.30%. Treasury prices and yields move in opposite directions.
Oil prices shot higher $3.17 to $97.58 U.S. a barrel.
Gold prices acquired $40.20 to $4,817.40 U.S. an ounce.
